PETROAN urges further pump price cuts; Dangote Refinery cites older crude stocks, as consumers seek relief nationwide

Consumers and business owners in Lagos and across Nigeria have expressed renewed frustration over the continued high price of petrol at filling stations, despite international crude oil prices dropping to about $73 per barrel as at Wednesday. The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) on Tuesday called for immediate reductions in pump prices, arguing that Nigerians deserve to benefit from the recent global decline.

The drop in oil prices followed a peace agreement between the United States and Iran, which eased concerns over potential supply disruptions earlier this year. Data from international trackers show crude has fallen from over $84 per barrel during the conflict period to just above $73, its lowest since early 2026. However, retail fuel prices remain stubbornly above ₦1,200 per litre in many parts of Lagos and other states, with some marketers selling between ₦1,175 and ₦1,300 per litre.

This disconnect has led many Nigerians to demand deeper price cuts at the pumps. During the peak of Middle East tensions, petrol rose sharply from around ₦830 per litre to over ₦1,300 in some areas. While Dangote Refinery recently announced a reduction in its ex-depot price by ₦75 per litre—from ₦1,250 down to ₦1,175—consumers argue that these changes are too little compared to the scale of global declines.

Speaking on Tuesday, PETROAN President Dr. Billy Gillis-Harry urged refiners and depot owners to immediately pass on cost benefits from lower crude prices to Nigerian households. “The recent decline in global crude oil prices presents an opportunity for stakeholders in the downstream petroleum sector to pass the benefits of lower crude oil costs to Nigerian consumers. Market realities should be reflected in both ex-depot and retail pump prices in the interest of fairness and economic relief for the public,” Gillis-Harry said during a press statement. He further noted concerns that imported petrol now sometimes lands cheaper than products refined locally, calling for more market competition.

Officials at Dangote Refinery have responded that pump prices cannot fall instantly because current supplies were produced with crude purchased at higher rates during the conflict period. Industry analysts add that factors such as naira exchange rates, logistics costs, refinery expenses and old stock all play roles in final pricing. Nevertheless, social media users and transport operators continue to insist that reductions so far—sometimes as little as ₦50 per litre—have not translated into real savings for ordinary Nigerians or reduced transport costs.

With inflation still running high according to recent NBS reports and many families struggling with elevated living costs, pressure is mounting on marketers and regulators to accelerate price adjustments. PETROAN has pledged ongoing engagement with government agencies and private operators to ensure that falling global oil prices eventually bring much-needed relief to Nigerian consumers.

Source: https://www.pulse.ng/story/nigerians-question-high-fuel-prices-as-crude-oil-drops-to-dollar73-per-barrel-2026062509114294656

Authorities race to rescue survivors and provide relief after deadly tremors leave widespread destruction on Thursday

No fewer than 32 people have lost their lives while more than 700 others sustained various degrees of injuries after twin earthquakes struck Venezuela on Thursday. The incident, which occurred in the early hours, has left communities counting losses and prompted a major emergency response by local authorities.

According to official reports, the earthquakes hit densely populated areas, resulting in collapsed buildings and significant damage to public infrastructure. Emergency services were immediately deployed to search for survivors trapped under debris and to provide urgent medical attention to the injured. Many residents were seen assisting in rescue operations as authorities cordoned off unsafe zones.

The Venezuelan government has described the situation as a national emergency and called for calm among citizens. The scale of destruction is reminiscent of previous natural disasters that have tested the country’s emergency preparedness. For Nigerians with relatives or interests in Venezuela, the Ministry of Foreign Affairs has advised vigilance and urged citizens to stay in contact with the Nigerian mission in Caracas for updates.

Officials say that medical facilities are being stretched as they work round the clock to treat those affected. “Our teams are on ground providing aid and coordinating relief efforts,” a senior emergency official said during a televised update. International humanitarian agencies have also indicated readiness to support local efforts if requested.

Authorities have begun assessment of damages with a view to mobilising additional resources for rebuilding affected areas. The coming days will focus on recovery operations and provision of shelter for displaced families, while investigations into the cause and aftershocks continue.

Source: https://www.premiumtimesng.com/news/top-news/890570-32-killed-700-injured-in-venezuela-twin-earthquakes.html

GLOBE International’s first African president says nation will deepen legislative collaboration on climate action and energy transition

Rt. Hon. Sam Onuigbo, newly inaugurated President of the Global Legislators Organisation for a Balanced Environment (GLOBE International), has assured that Nigeria will sustain and strengthen its engagement in global partnerships focused on climate action and environmental sustainability. Onuigbo made this commitment on Wednesday during his inauguration at GLOBE International’s 35th anniversary ceremony, which took place at the Churchill Room of the UK Parliament’s House of Commons in London.

Onuigbo, a former member of the House of Representatives from Abia State (South-East), became the first African to lead GLOBE International, an organisation dedicated to uniting legislators worldwide around environmental policy. Addressing lawmakers and stakeholders at the event, he pledged that under his leadership, Nigeria and other African countries would work actively within international frameworks to combat climate change and drive energy transition initiatives that yield measurable impact for communities.

According to Onuigbo, GLOBE International has played a significant role over the past three and a half decades in shaping parliamentary responses to global climate challenges. He highlighted that African nations, including Nigeria, are positioned to contribute meaningfully to environmental solutions through enhanced legislative cooperation and adherence to international commitments.

“GLOBE’s achievements in catalysing legislative action on environmental matters are well recognised across continents,” Onuigbo said during his inaugural address. He emphasised that translating environmental commitments into real outcomes for local communities remains a central priority.

The ceremony in London was attended by parliamentarians and climate leaders from various countries, signalling broad support for Onuigbo’s vision. While official statements from opposition parties were not immediately available as at press time, stakeholders within Nigeria’s environment sector have welcomed his appointment as an opportunity to raise the country’s profile in global climate governance. GLOBE International is expected to roll out new programmes targeting stronger collaboration between national parliaments on climate legislation over the coming year.

Source: https://guardian.ng/news/nigeria-to-sustain-global-partnerships-on-climate-action-environmental-sustainability-onuigbo/